Highlights

• The company has evolved from a payment tool to a financial supermarket, delivering a digital infrastructure that is increasingly embedded in people's daily lives.
• We expect the technological edge position the company places itself will drive the company in the long term.
• The integrated business mix mediated by Alipay platform, as the only user-facing channel, differentiates it from the competition.
• The large room in the entire market, including domestic and overseas, benefits the company.
• We consider some factors like competitiveness from other players, challenge from DCEP as a alternative, and regulation pressures, will negatively affect the company.